Proposed Bill: Partial Amendment to the Occupational Safety and Health Act

Proposed by Rep. Park Hong-bae (Democratic Party of Korea)

  • This bill would explicitly recognize night work as an occupational safety and health issue and establish preventive measures to protect workers’ health, including restrictions on night-time working hours and consecutive night shifts, guaranteed consecutive rest periods, regular health examinations, and transfer to daytime work where necessary for health-related reasons.

Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act

Proposed by Rep. Park Hong-bae (Democratic Party of Korea)

  • This bill would introduce a mandatory tender offer system requiring a person who becomes the largest shareholder of a listed company by acquiring its shares to make an offer for all remaining shares, thereby strengthening minority shareholder protection in M&A transactions.

Pending Bill: Partial Amendment to the Distribution Industry Development Act

Proposed by Rep. Kim Sung-won (People Power Party)

  • This bill would ease regulations on superstores and quasi-superstores by allowing unrestricted online sales, removing operating-hour restrictions, and permitting stores to determine their mandatory closure days autonomously.

Promulgated Bill: Act on Reporting and Using Specified Financial Transaction Information

Competent Authority: Financial Services Commission, Ministry of Justice

  • This promulgated bill requires virtual asset service providers to report information on large shareholders, executives, and representatives for eligibility assessments, while strengthening reviews of their financial soundness, organizational structure, and personnel.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Fair Transactions in Franchise Business Act

Competent Authority: Fair Trade Commission

  • The draft amendment would establish registration requirements for franchisee associations, requiring them to represent at least 10 percent of all franchisees or 1,000 franchisees. It would also allow registered associations to request consultations with franchisors on transaction terms.

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The Korea Herald republishes a weekly legislative report by local law firm D&A LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed.

For queries about the bills, contact cr@draju.com.